The Italian town of Maenza is the latest in Italy to offer €1 homes, according to CNN. The houses are located in the Lazio region, the same region Rome is in, and the medieval town is just under an hour and a half away from the bustling capital city.
With the unbeatable price, Mayor Claudio Sperduti hopes to attract new owners for the dozens of abandoned stone homes.
“We’re taking it one step at a time,” Sperduti said to CNN. “As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent.”
Individuals who would like to purchase a house in Maenza must agree to renovate the home within three years. They will also be required to provide a €5,000 deposit guarantee, which will be returned to them once the renovations have been completed.
Buyers must provide details on their plans for the home, whether they intend to live in it or turn it into some type of business. It is not a requirement that the buyer must reside in the home, however Sperduti encourages young couples and families who would like to live in the town semi-permanently to apply to purchase a home.
In the case of houses that have several interested parties eyeing them, buyers planning to renovate more quickly or who are looking to live in Maenza will receive priority. Buyers who may be seeking specific features or requirements are also welcome to contact the Maenza town hall, where officials will do their best to fulfil their requests.
Mayor Sperduti says that unlike other Italian towns that have offered €1 homes, the ultimate goal of the sale is not to increase Maenza’s population numbers. Rather, it is intended to revitalize abandoned and neglected properties that have become dilapidated and a danger due to to their deteriorating conditions.
“This is not a dying city,” Sperduti says. “People still inhabit the old district but it needs a revamp, fresh oxygen. Families and youths often leave town to move to larger homes in nearby cities and villas in the countryside, but there’s always some newcomer who takes their place so it’s balanced out.”
The houses are relatively small, with most averaging around 50-70 square meters, therefore they will be less expensive to renew. Sperduti estimates that renovation costs should start at around €5,000.
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